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METALL MINING CORPORATION

 TORONTO, Dec. 9 /PRNewswire/ -- Metall Mining Corporation ("Metall") announced today that it has agreed with Bain Securities Limited and McIntosh & Company Limited to sell 100 million ordinary shares of M.I.M. Holdings Limited ("MIM") at a price of A$2.35 per share. The sale of the MIM shares will result in an after tax gain for Metall of approximately C$14 million in 1993. In addition, Metall has agreed to sell, for A$16.5 million (C$14.6 million), call options, with an exercise price of A$2.50 and an expiry date of Jan. 26, 1995, over an additional 75 million shares of MIM.
 Metall will use the net proceeds of these offerings to meet anticipated capital requirements in connection with existing projects, to fund potential further acquisitions of mining projects, and for general corporate purposes. Metall has sold, or issued options over, substantially all of its holdings of MIM shares.
 The President and Chief Executive Officer of Metall, Dr. Klaus M. Zeitler, said: "Metall's relationship with MIM, which has been beneficial in the past, will continue through close cooperation in a number of joint ventures. This transaction, however, will provide Metall with the liquidity it will require for its next phase of growth and the implementation of its strategic goal of becoming a major world copper producer."
 Metall Mining Corporation is a Canadian based international mining company with significant interests in copper, zinc, lead, gold, silver, and industrial mineral operations and properties in North America, Europe and the Pacific Rim. In September of this year it acquired certain copper smelting and refining operations in Europe and an option to acquire an interest in a copper smelting and refining project in Indonesia.
 -0- 12/9/93
 /CONTACT: Dr. Klaus M. Zeitler, president and chief executive officer of Metall Mining, 416-361-6400/


CO: Metall Mining Corporation ST: Ontario IN: MNG SU:

MP -- NY019 -- 2110 12/09/93 09:44 EST
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Publication:PR Newswire
Date:Dec 9, 1993
Words:322
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